[NY] Sterling National Bank $1,000 Checking Bonus

Offer at a glance

• Maximum bonus amount: Up to $1,000
• Availability: NY only
• Direct deposit required: Yes, $1,000+
• Additional requirements: Deposit $500,000+
• Hard/soft pull: Soft pull
• ChexSystems: Yes, not sensitive
• Credit card funding: Unknown
• Monthly fees:
• Early account termination fee: Unknown
• Household limit: None listed
• Expiration date: None listed

The Offer

Direct link to offer

• Sterling National Bank is offering a bonus of up to $1,000 when you a private banking checking account. You need to have qualifying direct deposits totaling $1,000. Bonus you receive:
  • Deposit $500,000 or more and get $1,000
  • Deposit $250,000-$499,999 or more and get $500
  • Deposit $50,000-$249,999 or more and get $300

The Fine Print

• Qualifications to earn up to $300 bonus: Deposit between $50,000 and $249,999 from a source outside of Sterling National Bank (“new money minimum”) into a new or existing Private Banking Checking account and have qualifying direct deposits totaling $1,000 or more made to this account during the statement cycle and maintain ≥ $50,000 in average daily balances during the statement cycle. Each statement cycle that you satisfy these conditions, you will receive a payout amount of $150 with a maximum payout of $300.
• Qualifications to earn up to $500 bonus: Deposit between $250,000 and $499,999 from a source outside of Sterling National Bank (“new money minimum”) into a new or existing Private Banking Checking account and have qualifying direct deposits totaling $1,000 or more made to this account during the statement cycle and maintain ≥ $250,000 in average daily balances during the statement cycle. Each statement cycle that you satisfy these conditions, you will receive a payout amount of $250 with a maximum payout of $500.
• Qualifications to earn up to $1,000 bonus: Deposit more than $500,000 from a source outside of Sterling National Bank (“new money minimum”) into a new or existing Private Banking Checking account and have qualifying direct deposits totaling $1,000 or more made to this account during the statement cycle and maintain ≥ $500,000 in average daily balances during the statement cycle. Each statement cycle that you satisfy these conditions, you will receive a payout amount of $500 with a maximum of $1,000.
• Once you deposit the new money minimum related to one of the above tiers, you are locked into that offer, and if the average daily balance falls below the amount required for that tier, you will not receive a cash bonus payment. The cash bonus payment will be paid on the last day of the evaluated statement cycle. Your account must be open at the time the bonus is credited. This offer can be revoked at any time. Once the account has been opened, or new money minimum has been added to an existing Private Banking Checking account, as confirmed by Sterling National Bank, this offer is valid for up to the first three statement cycles thereafter. Cash bonus will be reported as income on IRS Form 1099-INT.
• Offer is available on one (1) Private Banking Checking account per client and cannot be combined with other offers. Offer is only available to clients who have not participated in one of Sterling National Bank’s previous Cash Back Bonus Campaigns after August 10, 2020. A “Qualifying Direct Deposit” is an Automated Clearing House (ACH) credit from your employer or the government for your paycheck, pension or governmental benefits (such as Social Security). It does not include transfers from one account to another or person to person.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Unsure what the monthly fee on this account is

Early Account Termination Fee

I wasn’t able to find a fee schedule so unsure if there is an early account termination fee or not.

Our Verdict

The in branch bonus is significantly better as you can get $750 for a $50,000 deposit. Because of that we won’t be adding this to our list of the best account bonuses.

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